Saudi Arabia’s power sector is expected to increase consumption by 68,200 bpd in the week of 11 August, and is expected to have a potential power demand upside of 49,400 bpd for August.
Increasing transatlantic fuel oil flows to Europe, along with exports from the Middle East, will also bring HSFO cracks down from current levels.
OPEC unwinds are expected to hit the market entirely in 4Q25, with other major exporters like Canada, Mexico, the US, and Brazil expected to produce higher towards the end of the year.

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